How_do_I_trade_assets_

How do I trade assets?

Use Trade Assets to replace an existing asset with a new asset. When you trade an asset, your trading in one asset for another. Another option is to retire the asset and then set up a new asset with the updated asset amount.  

For example, if City XYZ purchases a new vehicle to replace an old vehicle, they would use Trade Assets to remove the old vehicle from the database and replace it with the new vehicle. The system will move the old asset's remaining value to the new asset.


When you create an entry to trade assets, the system will

  • Calculate depreciation for the traded asset through the disposition date.

  • Record a reversing entry for the traded asset's total cost to the Capitalization account.

  • Record a reversing entry for the traded asset's total deprecation amount to the Accumulated Depreciation account.

  • Copy the book value (Book Value = Total Cost − Depreciation) of the traded asset to the new asset's Capitalization account.


Trading assets

1. Open Connect Asset Management > Assets > Trade Assets.

The input date and disposition date default to the current date. The disposition type is traded.

2. Select the Disposition.

This is the disposition method. You can add different disposition methods to the menu, see the help topic titled How do I add a disposition?

3. Enter the asset number.  

Select the asset numbers of the asset.

 

4. Enter the asset number to trade.

 

5.  Press Enter again to save the transaction.  

The traded assets display.

 

 

 

    • Related Articles

    • How do I view related assets?

      Primary Assets serves as the main asset for a collection of assets. In the usual scenario, an asset attaches sub-assets to a main asset. The sub-assets, or secondary assets, have lives and value depreciation rates that are different from the primary ...

    • Related Assets Report

      A Related Assets Report identifies assets that are linked or associated with one another in the system. These relationships help track assets that function together, were acquired together, or are connected for accounting and management purposes. ...

    • How do I delete a traded asset transaction?

      Has the transaction been updated to the General Ledger? Yes, the transaction has been updated to the General Ledger. If you delete a transaction that has been updated to the General Ledger, the system will create voiding and reversing transactions ...

    • Where do I add a purchase order number?

      Primary Assets serves as the main asset for a collection of assets. In the usual scenario, an asset attaches sub-assets to a main asset. The sub-assets, or secondary assets, have lives and value depreciation rates that are different from the primary ...

    • How do I retire assets?

      Use Retire Assets to dispose existing assets by removing the asset from the Active Assets list. Even though an asset has been retired, also known as junked, the system will keep the asset's transaction history. Recording a disposed asset will ...